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In 2015, Spikeball founder Chris Ruder stepped into Shark Tank seeking $500,000 for a 10% stake in his sports game company. The season 6 finale pitch showcased a unique volleyball-inspired game. Eight years later, during a July 2023 Hart to Heart interview, billionaire investor Mark Cuban revealed this moment as his biggest investment regret. He stated:
"People always think it's Ring. But it's not that. To me, the one that got away personally was Spikeball. The guy looked at me and said 'Mark, I really want you to do this.' I'm like, 'it's cool, it's nice.' (Then contestant said again) 'Mark, I really want you to do this.'"
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While Cuban passed due to concerns about league management, Spikeball grew from $1 million in pitch-day sales to $19 million in annual revenue by 2023, per Shark Tank Blog. The company secured ESPN2 broadcast deals, expanded to 40 employees, and launched new products while maintaining its sports-focused brand identity.
Shark Tank's Mark Cuban opened up about missing Spikeball investment
Chris Ruder and his team presented Spikeball during the season 6 finale, bringing a live demonstration to the Shark Tank stage. The game merged competitive sports elements, requiring teams to bounce a ball off a circular trampoline-like net. Their business metrics showed strong market potential with manufacturing costs at $14 per unit and retail pricing at $59.99.
The company's growth trajectory impressed the Sharks. With $1 million in gross revenue at the time, they projected $3.2 million for the upcoming year. Ruder explained his strategic acquisition of an expired toy trademark, which he transformed into a competitive sports brand. The company had already established a tournament structure through USA Spikeball, organizing competitive events nationwide.
Mark Cuban's main concern centered on the operational demands of league management. During his conversation with Kevin Hart, Cuban emphasized his hesitation about overseeing sports league development. The other Sharks raised questions about company valuation, but Cuban focused on the commitment required for building competitive leagues.
Guest shark Nick Woodman expressed limited interest in the sports aspect, while Lori Greiner appreciated the concept but didn't see herself as the right investor. Kevin O'Leary proposed a $500,000 loan with 9% interest plus 10% equity. Further, Daymond John entered with an offer of $500,000 for 25% equity of the company.
Ruder countered John's offer with 15% equity. After negotiations, they settled at $500,000 for 20% equity. However, the partnership faced challenges when Daymond John proposed a collaboration with Marvel Comics to create a Spiderman-themed Spikeball set.
Ruder maintained his vision of Spikeball as a serious sport rather than a toy brand. This fundamental difference in strategic direction led to the deal's dissolution before the Shark Tank episode aired in May 2015.
Despite not securing a Shark partnership, the television exposure brought significant benefits. "Seven million people watched that Friday and the show continues to re-air," Ruder shared in 2017. The company invested heavily in inventory preparation, stocking up for eight months to handle potential demand surges from the broadcast.
Post-Tank growth
As per Shark Tank Blog, the company experienced substantial expansion after its Shark Tank appearance. By May 2022, Spikeball grew to employ 40 staff members and sold millions of game sets. Their product range expanded with the introduction of "The Mammoth" in August 2023, featuring US-made components from recycled plastic.
The sport's competitive aspect flourished with the establishment of the International Roundnet Federation. The organization pushed for Olympic recognition while managing professional tournaments. The 2021 national Spikeball Tournament broadcast on ESPN2 marked a significant milestone in mainstream sports recognition.
The company secured intellectual property rights in August 2020 with a patent for their game design. This legal protection strengthened their market position against potential competitors. Their distribution expanded beyond direct sales to major retailers including Dick's Sporting Goods and Target.
By January 2023, the company reported annual revenue of $19 million with an estimated worth exceeding $45 million. The Shark Tank success story demonstrated how specific business decisions during critical moments shaped the company's trajectory in the sports equipment market.
Fans can watch new episodes of Shark Tank on ABC network.
